Word: deficits
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...year, the 16 European nations that make up the euro zone have watched their currency plunge to an eight-month low as a result of sovereign-debt panic. Greece, which is perhaps the weakest link in the European Union, was first to hit the wall on news that its deficit has ballooned to nearly 13% of GDP. Then last week, worry about debt default spread from Greece to Spain, Portugal and Ireland, where spending is similarly out of control. (See the best business deals...
...against speculators who want to short the euro or use it in carry trades, further depressing the already soft currency. Just this week Spain's Finance Minister, Elena Salgado, flew to London to assure bondholders that her country remains solvent and unveil a proposal to cut Spain's budget deficit...
...Palin hits the same mystic chords as Clinton. A woman who goes to war against the 19-year-old boy who knocked up her daughter and then posed for Playgirl is far more comprehensible to most Americans than deficit spending is. In her Fox interview with Chris Wallace the day after her Nashville speech, Palin said she'd been focusing more on "current events" since she quit as governor of Alaska. She quickly corrected herself and said "national issues," but she probably shouldn't have: current events is American for "policy." It is the high school term...
...certain sort of America: the land of simple truths, where nothing Barack Obama does makes sense. I mean, why bail out the big banks when they're the ones that caused all the troubles in the first place? And why spend more money when you're already running a deficit? That's not what Americans do: they sit - inevitably - around the kitchen table and tighten their belts. And what's all this about global warming? The White House is up to its Truman Balcony in snow. And why not just whack the Iranians before they get the bomb? These questions...
...Papandreou's government is walking a difficult line. It's been trying to convince its European partners - as well as the global markets - that it is taking serious steps to cut state spending and tackle its deficit without causing civil unrest at home. But the choice may soon be out of Greece's hands, and Papandreou must know that any outside assistance is likely to come with strings attached...